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Friday, February 14, 2020
The McClatchy Company (MNI)
What happened?
The McClatchy Company publishes news and information in the United States. Its publications include the Miami Herald, The Kansas City Star, The Sacramento Bee, The Charlotte Observer, The (Raleigh) News and Observer, the (Fort Worth) Star-Telegram, and The (Durham, NC) Herald-Sun. The companyÂ’s businesses comprise daily newspapers, Websites, mobile apps, mobile news and advertising, video products, niche publications, direct marketing, direct mail services, and nearby community newspapers. The McClatchy Company was founded in 1860 and is headquartered in Sacramento, California.
Michael Kupinski, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Files for voluntary Chapter 11. There was an outside chance that the company would be able to move unfunded pension liabilities off balance sheet and do a reorganization that would leave some equity value for shareholders. This did not happen. Less favorable terms from the Pension Benefit Guaranty Corporation (PBGC) may have tipped the company’s decision.
Submits plans for a reorganization. The company plans to go private in a transaction that will swap a large portion of its debt for equity. Given the prospect of moving all but a small portion of its unfunded pension liability off its balance sheet, the company could have a moderate $299 million in long term debt and…
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